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HomeMy WebLinkAbout0935 UNIFORM COV~NANTS. 8onower ~?nd Le~dtr covenant and agree as follows: 1, Pa,pmeat ot Principa! ~ad laterat; Prep~yaKUt sad Late Cha~a. .~~orrower shall prpmptiy pay whe~ due • the princip~l of and interat oo the debt evidenced by the Note and Any prepaymf~i and late charga,ciue under the Noto. 2. I~n~ tar Taxa ~ued ln:urw~a. Subject to applic~bk taw or to a written waive~ by Lender~ Borrower shall pay to Lender o~ thc day monthly psyments are due unde~ the Note~ until ihe Noto is paid in full~ a sum ("Funds") equal to o~e-twelfth of (s) yarly t~xes snd assessme~ts which msy att~in priority ovcr this Security Instrument; (b) yearty les~ehold psyments or ground rents on the Property, if any; (c) yta~ly hazard insun~nce premiums; and (d) yearly mortgage insurance prcmiums~ i~ ~ny. These items are caiicd "escrow itcros." Lender may estimate thc Funds due on the b~ais of curnent dats ~nd n~sonabk estimstes of futurc escrow items. The Funds shall b~ held in an iastitution the depoaita or aooounts of which aro insuced or guarantad by a kdcral or state agency (inciuding Lender if Ltnder is such an institutio~). Lender shal! apply the Funds to pay the escrow items. l.znder may not charge for hoWing and applying the Funds. a~mlyzing ihe accouat or verifying the escrow items, uniess Lender pays Borrower interest on the Flinds ar~d appficabk ~aw pemiits Lender to rn~ke such a charge. A charge assessed by Lender in vonnoctioq with Borrow~ers' entering into this Security lnstrument to pay the cost of an independent tax reponing servia ~ ~ shall not be a chargc for purposes of thc preoeding sentena. Borrowe~ and Lender may agree in writing that interest shall be paid on the Funds. Unkss an agrcement is made or applicable law requircs interest to be paid. lxndcr shall not be rcquirod to ~ pay Borrower any interest or ea~rnings on thc Funds. Lender shall givc to Borrowcr, without charge. an annual aceounting o[ the Funds showing cc+edits and debits to the Funds and thc purpose for which each dcbit to the Funds was made. 7he Funds are ptodged as additional security ior thc sums securod by this Security lnstrument. If the ~amount of the Funds held by Lend~r. together with the iuture monthly payments of Funds payable prior to the due ds?tes of the escrow items~ shall excad the amount required to pay the escrow items when due, the excess shall be, at Bornower's option, either promptly repaid to 8orrower or crodited to Borrower on monthly payments of Funds. If the amount of the Funds held by Lrnder is not suflScient to pay the escrow items when due. Borrower shall pay to Lender any ~ amount necessary to make up the deQciency in one or more p~yments as roquired by Lender. Upon paymens in full of af! sums secured by this Security Instn?ment, Lender shall promptiy refund to Horrawer any Funds held by Lender. if under pacagraph 19 the Prop~ny is sold or acquircd by I.ender~ Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender~ any Funds held by Lender at the time of application as a crodit against the sums socured by this Security Instrument. 3. Applia~don ot Paymena. Unless applicable law provides otherwise~ all payments receivod by Lender under paragraphs 1 and 2 shall be sppliod: first~ to late cha~rges due under the Note; second~ to prepayment charges due under the Note; third. to amounts payable undtr paragraph 2: fourth~ to interest due; and last, to principal due. 4. C6arge~; I.te~. Borrower.shall pay all taxes~ assessments~ charges. fines and impositions attributable to the Property which may attain priority over this Security Insirument~ and leasehold payments or ground rents~ if any. Borrower shall pay these obiigations in the mannee providod in parag~aph 2. or if not paid in that manner. Bonower shall pay them on time directly tb the person owed payme~t. Borrower shall promptly furnish to Lender aq notices of a~nounts to be paid under this paragnph. If Horrower makes ihese payments directly. Bonower shaU promptly furnish to Lender roceipts evidencing the payrments. Borrower shall promptly discharge any lien which has priority over this Security Instrument untess Bor,rower: (s) agras in writ~ng_t41hs paymrnt of the obligation secured by the lien in a manner acceptable to Lender, (b) oontats in good faith the lim by, or defends sgainst enforcement of the lien in. legal procadings which in the Lender's opinion operate to prevent the enforcemrnt of the lie~ or forfeiture of any pan of the Property; or (c) secures from the holder of the lien an agrament satisfactory to Lender subordinating the lien to thi~ Security Instrument. If Lender determin~.s that any part of ~ the Property is subject to a lien which may attain priority over this Stcurity Instrument, Lender may give Bormwer a notice identifying the lien. Borrc?wer shall satisf.y the lien or take one or more of the actions set forth above within 10 days of the giving ot notice. . S. Husrd Iosur~ce. Bonower shaU keep the improvemcnts now eaisting or hereafter erected on the Property insurod against loss by Rre, hazards inctudod within the term "extended coverage" and any other hazard~ for which I.ender roquires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasonably withheld. I; Ail insurance policies and renewals shall b+e scceptable to L.ender and shall include a standard mortgage clause. Ltnder shall have tht right to hold the policies and rcnewals. If Lender requires. Borrower shall promptly give to Lender ~ sll raxipts of paid prcmiums and renewal noticcs. In the event of lass, Borrower shall give prompt notict to the insurance carrier and L.~nder. L.ender may make proof of loss if not made promptly by 8orrower. Unltss Lender and Horrower otherwis~ agra in writing, insurance proceeds shalt be applied to restoration or repair of the Prc~perty damaged. if the restoration or repair is economically feasible and Lender's security is ~ot lessened. If the restoration or repair is not economically feasible or Lender's security woutd be lasened. the insurance proceeds shall be appliod to the sums aecured by this Security Instrument. whether or not then ~due. with any excess paid to Borrower. If Borrower abandons the Property. or does not answet within 30 days a notice from Lender that the insurance carrier has oN'erod to settle a claim~ thrn Lender may collcet the insurance procads. Lender may use the procteds to repair or rostore the Property or to pay sums stcured by this Security Instrument~ whether or not then due. The 30-day period will begin when ihe notice is given. . Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not eat~nd or postpone the due date of the monthly payments referced to in paragraphs l and 2 or change the amount of the payments. If under p~ragraph 19 the Property is acquirod by Lender, 8orrower's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extmt of the sums sccurcd by this Security ~ Instrument immediately prior to the acquisition. - b. Prarertatioa and Mai~teeance of Property; Le~e6o1~4. Bonower shaU no~ destroy. damage Qr substantially changG the Property. albw the Property to deteriorate or commit waste: If this Securify Instrument is o» A leasehold. Borrower shsU compiy with tht provisions of the lease, and if Bonower acquires fa title to the Property. the leasehold and fa titit shall not merge unlas i.ender agras to the tnerger in writing. 9. Pm~doa at L~da~'s Rt~hta in tlis Property; Mort~e Iasurance. If Borrower fails to perform the covenants and agrammts contained in thia Sccurity Instrumrnt, or there is a legal proceeding that may significantly aRect Lender'a rights in the Property (aueh as a procading in bank~uptcy. probatq for condemnation or to enforce laws or regulations), then Lrnder may do and pay for whateva is neces.ary to protect the value of the Property and I.ender's rights in the Property. I.ender'a actiona msy include paying any sums accurcd tiy a lien which has priority over this Security instrument, apparing in coutt. paying reaaonaWe attornrya' fea and entering on the Propcrty to make repairs. Although , L,ender may take action under this paragraph 7. I.ender does not hsve to do so. Any amounts diabunied by Lender under this paragreph 7 shail become additional debt of 8orcower securod by this Security Inatrument. Unkss 8orrower and Lender agree to other terms of ~yment, these amounts shali bear interat from the date of diaburaement at the Note rate and shail be payable. with interat, upan notice from Lender to Borrower roquatin8 P~YmrnL ~ go~K 56fi ~~E 930 ~ ' E. ~ 3 'i:~ _ ' . . . .~i L . . .s . rr_= _ _ . -Jw~+~,-.._.__.... . . j . .